(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Exhibit | |||||||
Press Release dated July 25, 2023 of Polaris Inc. | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
Date: | July 25, 2023 | |||||||
POLARIS INC. | ||||||||
/s/ Robert P. Mack | ||||||||
Robert P. Mack | ||||||||
Chief Financial Officer |
![]() | Second Quarter 2023 Earnings Results July 25, 2023 |
(in millions, except per share data) | ||||||||||||||||||||||||||
Quarter ending June 30, 2023 | Reported | YOY % Chg. | Adjusted* | YOY % Chg. | ||||||||||||||||||||||
Sales | $ | 2,216.6 | 7% | $ | 2,216.6 | 7% | ||||||||||||||||||||
Gross profit margin | 22.8 | % | -22 bps | 22.8 | % | -21 bps | ||||||||||||||||||||
Total operating expenses | $ | 329.6 | 13% | |||||||||||||||||||||||
Net income from continuing operations attributable to Polaris | $ | 134.3 | (5)% | $ | 139.6 | (5)% | ||||||||||||||||||||
Net income from continuing operations attributable to Polaris margin | 6.1 | % | -82 bps | |||||||||||||||||||||||
Adjusted EBITDA Margin* | 12.0 | % | -38 bps | |||||||||||||||||||||||
Diluted EPS from continuing operations attributable to Polaris | $ | 2.32 | (1)% | $ | 2.42 | —% | ||||||||||||||||||||
*Note: the results and guidance in this release, including the highlights above, include references to non-GAAP operating measures, which are identified by the word “adjusted” preceding the measure. A reconciliation of GAAP / non-GAAP measures can be found at the end of this release. |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 1 |
![]() | Second Quarter 2023 Earnings Results |
Sales (in millions) | Gross Profit Margin | ||||||||||||||||||||||||||||||||||
Q2 2023 | Q2 2022 | Change | Q2 2023 | Q2 2022 | Change | ||||||||||||||||||||||||||||||
Off Road | $ | 1,631.4 | $ | 1,490.4 | 9 | % | 22.4 | % | 23.8 | % | -135 bps | ||||||||||||||||||||||||
On Road | $ | 361.6 | $ | 299.4 | 21 | % | 22.6 | % | 17.8 | % | +480 bps | ||||||||||||||||||||||||
Marine | $ | 223.6 | $ | 273.0 | (18) | % | 25.7 | % | 24.4 | % | +130 bps | ||||||||||||||||||||||||
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 2 |
![]() | Second Quarter 2023 Earnings Results |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 3 |
![]() | Second Quarter 2023 Earnings Results |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 4 |
![]() | Second Quarter 2023 Earnings Results |
CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||||||||||
(In Millions, Except Per Share Data) (Unaudited) | |||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Sales | $ | 2,216.6 | $ | 2,062.8 | $ | 4,396.3 | $ | 3,844.3 | |||||||||||||||
Cost of sales | 1,711.6 | 1,588.4 | 3,422.1 | 3,017.0 | |||||||||||||||||||
Gross profit | 505.0 | 474.4 | 974.2 | 827.3 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling and marketing | 132.6 | 115.5 | 270.2 | 227.1 | |||||||||||||||||||
Research and development | 93.2 | 86.8 | 189.7 | 167.6 | |||||||||||||||||||
General and administrative | 103.8 | 89.2 | 194.6 | 160.9 | |||||||||||||||||||
Total operating expenses | 329.6 | 291.5 | 654.5 | 555.6 | |||||||||||||||||||
Income from financial services | 20.6 | 10.2 | 37.4 | 21.6 | |||||||||||||||||||
Operating income | 196.0 | 193.1 | 357.1 | 293.3 | |||||||||||||||||||
Non-operating expense: | |||||||||||||||||||||||
Interest expense | 31.4 | 14.9 | 59.7 | 26.7 | |||||||||||||||||||
Other (income) expense, net | (8.1) | (3.2) | (20.5) | (6.5) | |||||||||||||||||||
Income from continuing operations before income taxes | 172.7 | 181.4 | 317.9 | 273.1 | |||||||||||||||||||
Provision for income taxes | 38.4 | 39.4 | 70.0 | 57.0 | |||||||||||||||||||
Net income from continuing operations | 134.3 | 142.0 | 247.9 | 216.1 | |||||||||||||||||||
Loss from discontinued operations, net of tax | — | (4.2) | — | (8.4) | |||||||||||||||||||
Impairment of discontinued operations, net of tax | — | (142.2) | — | (142.2) | |||||||||||||||||||
Net income (loss) | 134.3 | (4.4) | 247.9 | 65.5 | |||||||||||||||||||
Net income attributable to noncontrolling interest | — | (0.2) | (0.2) | (0.2) | |||||||||||||||||||
Net income (loss) attributable to Polaris Inc. | $ | 134.3 | $ | (4.6) | $ | 247.7 | $ | 65.3 | |||||||||||||||
Amounts attributable to Polaris Inc. common shareholders: | |||||||||||||||||||||||
Net income from continuing operations | $ | 134.3 | $ | 142.0 | $ | 247.9 | $ | 216.1 | |||||||||||||||
Less net income attributable to noncontrolling interest | — | (0.2) | (0.2) | (0.2) | |||||||||||||||||||
Net income from continuing operations attributable to Polaris Inc. common shareholders | 134.3 | 141.8 | 247.7 | 215.9 | |||||||||||||||||||
Net loss from discontinued operations attributable to Polaris Inc. common shareholders | — | (146.4) | — | (150.6) | |||||||||||||||||||
Net income (loss) attributable to Polaris Inc. | $ | 134.3 | $ | (4.6) | $ | 247.7 | $ | 65.3 | |||||||||||||||
Net income (loss) per share attributable to Polaris Inc. common shareholders: | |||||||||||||||||||||||
Continuing operations | $ | 2.35 | $ | 2.37 | $ | 4.32 | $ | 3.59 | |||||||||||||||
Discontinued operations | $ | — | $ | (2.45) | $ | — | $ | (2.50) | |||||||||||||||
Basic | $ | 2.35 | $ | (0.08) | $ | 4.32 | $ | 1.09 | |||||||||||||||
Continuing operations | $ | 2.32 | $ | 2.34 | $ | 4.28 | $ | 3.55 | |||||||||||||||
Discontinued operations | $ | — | $ | (2.42) | $ | — | $ | (2.48) | |||||||||||||||
Diluted | $ | 2.32 | $ | (0.08) | $ | 4.28 | $ | 1.07 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 57.2 | 59.9 | 57.3 | 60.1 | |||||||||||||||||||
Diluted | 57.8 | 60.5 | 57.9 | 60.9 |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 5 |
![]() | Second Quarter 2023 Earnings Results |
CONSOLIDATED BALANCE SHEETS | |||||||||||
(In Millions), (Unaudited) | |||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 340.4 | $ | 314.2 | |||||||
Trade receivables, net | 293.1 | 297.2 | |||||||||
Inventories, net | 2,024.3 | 1,908.0 | |||||||||
Prepaid expenses and other | 210.6 | 174.4 | |||||||||
Income taxes receivable | 19.8 | 3.8 | |||||||||
Current assets held for sale | — | 168.2 | |||||||||
Total current assets | 2,888.2 | 2,865.8 | |||||||||
Property and equipment, net | 1,118.9 | 939.6 | |||||||||
Investment in finance affiliate | 98.7 | 37.1 | |||||||||
Deferred tax assets | 237.5 | 241.1 | |||||||||
Goodwill and other intangible assets, net | 903.2 | 918.7 | |||||||||
Operating lease assets | 120.1 | 113.1 | |||||||||
Other long-term assets | 103.0 | 86.2 | |||||||||
Long-term assets held for sale | — | 37.3 | |||||||||
Total assets | $ | 5,469.6 | $ | 5,238.9 | |||||||
Liabilities and Equity | |||||||||||
Current liabilities: | |||||||||||
Current financing obligations | $ | 553.7 | $ | 553.3 | |||||||
Accounts payable | 897.0 | 978.8 | |||||||||
Accrued expenses | 932.3 | 678.4 | |||||||||
Other current liabilities | 31.9 | 35.4 | |||||||||
Current liabilities held for sale | — | 94.3 | |||||||||
Total current liabilities | 2,414.9 | 2,340.2 | |||||||||
Long-term financing obligations | 1,507.6 | 1,463.5 | |||||||||
Other long-term liabilities | 282.3 | 282.0 | |||||||||
Long-term liabilities held for sale | — | 68.2 | |||||||||
Total liabilities | $ | 4,204.8 | $ | 4,153.9 | |||||||
Deferred compensation | 15.6 | 11.4 | |||||||||
Equity: | |||||||||||
Total shareholders’ equity | 1,246.5 | 1,071.4 | |||||||||
Noncontrolling interest | 2.7 | 2.2 | |||||||||
Total equity | 1,249.2 | 1,073.6 | |||||||||
Total liabilities and equity | $ | 5,469.6 | $ | 5,238.9 |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 6 |
![]() | Second Quarter 2023 Earnings Results |
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(In Millions), (Unaudited) | |||||||||||
Six months ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating Activities: | |||||||||||
Net income | $ | 247.9 | $ | 65.5 | |||||||
Loss from discontinued operations, net of tax | — | 8.4 | |||||||||
Impairment of discontinued operations, net of tax | — | 142.2 | |||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||||||
Depreciation and amortization | 120.5 | 113.7 | |||||||||
Noncash compensation | 29.6 | 28.8 | |||||||||
Noncash income from financial services | (18.3) | (4.5) | |||||||||
Deferred income taxes | (26.6) | (33.0) | |||||||||
Other, net | (0.4) | (0.4) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Trade receivables | 50.5 | (79.0) | |||||||||
Inventories | (122.3) | (409.2) | |||||||||
Accounts payable | 46.0 | 208.0 | |||||||||
Accrued expenses | 32.9 | (77.8) | |||||||||
Income taxes payable/receivable | 1.0 | (1.5) | |||||||||
Prepaid expenses and other, net | (12.9) | (1.1) | |||||||||
Net cash provided by (used for) operating activities of continuing operations | 347.9 | (39.9) | |||||||||
Net cash used for operating activities of discontinued operations | — | (17.1) | |||||||||
Net cash provided by (used for) operating activities | 347.9 | (57.0) | |||||||||
Investing Activities: | |||||||||||
Purchase of property and equipment | (206.2) | (119.4) | |||||||||
Investment in finance affiliate, net | 12.7 | 16.7 | |||||||||
Distributions from other affiliates | 3.4 | — | |||||||||
Net cash used for investing activities of continuing operations | (190.1) | (102.7) | |||||||||
Net cash used for investing activities of discontinued operations | — | (5.2) | |||||||||
Net cash used for investing activities | (190.1) | (107.9) | |||||||||
Financing Activities: | |||||||||||
Borrowings under financing obligations | 1,350.4 | 1,116.0 | |||||||||
Repayments under financing obligations | (1,349.4) | (898.5) | |||||||||
Repurchase and retirement of common shares | (101.1) | (172.3) | |||||||||
Cash dividends to shareholders | (73.9) | (76.0) | |||||||||
Proceeds from stock issuances under employee plans | 23.8 | 17.8 | |||||||||
Net cash used for financing activities | (150.2) | (13.0) | |||||||||
Impact of currency exchange rates on cash balances | 8.1 | (11.6) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 15.7 | (189.5) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 339.7 | 529.1 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 355.4 | $ | 339.6 | |||||||
The following presents the classification of cash, cash equivalents and restricted cash within the consolidated balance sheets: | |||||||||||
Cash and cash equivalents | $ | 340.4 | $ | 314.2 | |||||||
Current assets held for sale | — | 9.5 | |||||||||
Other long-term assets | 15.0 | 15.9 | |||||||||
Total | $ | 355.4 | $ | 339.6 |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 7 |
![]() | Second Quarter 2023 Earnings Results |
NON-GAAP RECONCILIATION OF RESULTS | |||||||||||||||||||||||
(In Millions, Except Per Share Data), (Unaudited) | |||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Gross profit | 505.0 | 474.4 | 974.2 | 827.3 | |||||||||||||||||||
Restructuring & realignment (1) | — | — | — | 0.2 | |||||||||||||||||||
Adjusted gross profit | 505.0 | 474.4 | 974.2 | 827.5 | |||||||||||||||||||
Income from continuing operations before income taxes | 172.7 | 181.4 | 317.9 | 273.1 | |||||||||||||||||||
Restructuring & realignment (1) | (0.2) | 0.5 | 0.5 | 4.3 | |||||||||||||||||||
Intangible amortization (2) | 4.5 | 4.8 | 8.9 | 9.8 | |||||||||||||||||||
Class action litigation expenses (3) | 2.9 | 1.0 | 5.0 | 1.1 | |||||||||||||||||||
Adjusted Income from continuing operations before income taxes | 179.9 | 187.7 | 332.3 | 288.3 | |||||||||||||||||||
Net income from continuing operations attributable to Polaris Inc. | 134.3 | 141.8 | 247.7 | 215.9 | |||||||||||||||||||
Restructuring & realignment (1) | (0.2) | 0.4 | 0.4 | 3.3 | |||||||||||||||||||
Intangible amortization (2) | 3.3 | 3.6 | 6.7 | 7.4 | |||||||||||||||||||
Class action litigation expenses (3) | 2.2 | 0.8 | 3.8 | 0.9 | |||||||||||||||||||
Adjusted net income from continuing operations attributable to Polaris Inc.(4) | 139.6 | 146.6 | 258.6 | 227.5 | |||||||||||||||||||
Diluted EPS from continuing operations attributable to Polaris Inc. | $ | 2.32 | $ | 2.34 | $ | 4.28 | $ | 3.55 | |||||||||||||||
Restructuring & realignment (1) | — | 0.01 | — | 0.06 | |||||||||||||||||||
Intangible amortization (2) | 0.06 | 0.06 | 0.12 | 0.12 | |||||||||||||||||||
Class action litigation expenses (3) | 0.04 | 0.01 | 0.07 | 0.01 | |||||||||||||||||||
Adjusted EPS from continuing operations attributable to Polaris Inc. (4) | $ | 2.42 | $ | 2.42 | $ | 4.47 | $ | 3.74 | |||||||||||||||
Sales | $ | 2,216.6 | $ | 2,062.8 | $ | 4,396.3 | $ | 3,844.3 | |||||||||||||||
Net income from continuing operations | $ | 134.3 | $ | 142.0 | $ | 247.9 | $ | 216.1 | |||||||||||||||
Provision for income taxes | 38.4 | 39.4 | 70.0 | 57.0 | |||||||||||||||||||
Interest expense | 31.4 | 14.9 | 59.7 | 26.7 | |||||||||||||||||||
Depreciation | 54.2 | 52.3 | 111.6 | 103.9 | |||||||||||||||||||
Intangible amortization (2) | 4.5 | 4.8 | 8.9 | 9.8 | |||||||||||||||||||
Restructuring & realignment (1) | (0.2) | 0.5 | 0.5 | 4.3 | |||||||||||||||||||
Class action litigation expenses (3) | 2.9 | 1.0 | 5.0 | 1.1 | |||||||||||||||||||
Adjusted EBITDA | $ | 265.5 | $ | 254.9 | $ | 503.6 | $ | 418.9 | |||||||||||||||
Adjusted EBITDA Margin | 12.0 | % | 12.4 | % | 11.5 | % | 10.9 | % | |||||||||||||||
(1) Represents adjustments for corporate restructuring, network realignment costs, and supply chain transformation costs | |||||||||||||||||||||||
(2) Represents amortization expense for acquisition-related intangible assets | |||||||||||||||||||||||
(3) Represents adjustments for certain class action litigation-related expenses | |||||||||||||||||||||||
(4) The Company used its estimated statutory tax rate of 23.8% for the non-GAAP adjustments in 2023 and 2022, except for non-deductible items |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 8 |
![]() | Second Quarter 2023 Earnings Results |
RECONCILIATION OF GAAP OPERATING CASH FLOW TO NON-GAAP FREE CASH FLOW | ||||||||||||||
(In Millions), (Unaudited) | ||||||||||||||
Six months ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net cash provided by (used for) operating activities of continuing operations | $ | 347.9 | $ | (39.9) | ||||||||||
Purchase of property and equipment | (206.2) | (119.4) | ||||||||||||
Investment in finance affiliate, net | 12.7 | 16.7 | ||||||||||||
Adjusted free cash flow | $ | 154.4 | $ | (142.6) | ||||||||||
NON-GAAP RECONCILIATION OF SEGMENT RESULTS | |||||||||||||||||||||||
(In Millions), (Unaudited) | |||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
SEGMENT GROSS PROFIT | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Off Road segment gross profit | $ | 365.5 | $ | 354.2 | $ | 697.1 | $ | 612.9 | |||||||||||||||
No adjustment | — | — | — | — | |||||||||||||||||||
Adjusted Off Road segment gross profit | 365.5 | 354.2 | 697.1 | 612.9 | |||||||||||||||||||
On Road segment gross profit | 81.8 | 53.4 | 151.0 | 94.6 | |||||||||||||||||||
No adjustment | — | — | — | — | |||||||||||||||||||
Adjusted On Road segment gross profit | 81.8 | 53.4 | 151.0 | 94.6 | |||||||||||||||||||
Marine segment gross profit | 57.5 | 66.6 | 119.0 | 113.1 | |||||||||||||||||||
No adjustment | — | — | — | — | |||||||||||||||||||
Adjusted Marine segment gross profit | 57.5 | 66.6 | 119.0 | 113.1 | |||||||||||||||||||
Corporate segment gross profit | 0.2 | 0.2 | 7.1 | 6.7 | |||||||||||||||||||
Restructuring & realignment (1) | — | — | — | 0.2 | |||||||||||||||||||
Adjusted Corporate segment gross profit | 0.2 | 0.2 | 7.1 | 6.9 | |||||||||||||||||||
Total gross profit | 505.0 | 474.4 | 974.2 | 827.3 | |||||||||||||||||||
Total adjustments | — | — | — | 0.2 | |||||||||||||||||||
Adjusted total gross profit | $ | 505.0 | $ | 474.4 | $ | 974.2 | $ | 827.5 | |||||||||||||||
(1) Represents adjustments for corporate restructuring, network realignment costs, and supply chain transformation |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 9 |
![]() | Second Quarter 2023 Earnings Results |
NON-GAAP ADJUSTMENTS | ||
Second Quarter 2023 Results & 2023 Full Year Guidance |
Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 10 |
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Cover Page |
Jul. 25, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 25, 2023 |
Entity Registrant Name | POLARIS INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-11411 |
Entity Tax Identification Number | 41-1790959 |
Entity Address, Address Line One | 2100 Highway 55 |
Entity Address, City or Town | Medina |
Entity Address, State or Province | MN |
Entity Address, Postal Zip Code | 55340 |
City Area Code | 763 |
Local Phone Number | 542-0500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $.01 par value per share |
Trading Symbol | PII |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000931015 |
Amendment Flag | false |
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